Under which of the following scenarios would a park be considered a common resource?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables.
b. Visitors to the park must pay an admittance fee and frequently all of the picnic tables are in use.
c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables.
d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
d
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Consumption of fixed capital (depreciation) can be determined by ________.
A. subtracting net investment from real GDP B. subtracting depreciation from net investment C. adding net investment to real GDP D. subtracting net investment from gross investment
Refer to the above figure. A surplus will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 15.
In order to increase society's total welfarer, a production process that produces a negative externality should be
a. taxed b. provided by the government c. ignored d. subsidized e. exported
When economists speak of the short run, they are referring to _____
a. a specific period of time, usually less than one year b. a specific period of time, more than one year, but less than two years c. a specific period of time just long enough that the quantities of all resources can be varied d. a period of time short enough that the quantities of at least one of the resources cannot be varied e. a period of time short enough that none of the quantities of the resources can be varied